Landmarks expand reach with $5 million loan from PNC
By Ron DaParma
Thursday, July 24, 2008
“This first investment in the Urban Economic Loan Fund will be the catalyst for more development in urban markets throughout Pittsburgh,” said Howard B. Slaughter Jr., CEO of Landmarks Community Capital.
“We are appreciative of PNC’s willingness to invest in the fund and have already made commitments to utilize this funding.”
Landmarks Community Capital is considering Homewood for one of its next investments, Slaughter said. PNC is the only banking company with a branch there, he said.”Homewood is a key urban market, and we wanted to come to the neighborhood to spark more interest in development there,” he said.
Prior to the PNC investment, the corporation has been using funds from its Preservation Loan Fund, Saughter said. The corporation is an offshoot of The Pittsburgh History & Landmarks Foundation.
Those investments have included a $462,000 low-interest loan to Friendship Development Associates to build three loft-style residential units in the Bloomfield-Garfield area, and $160,000 loan to help the Hosanna House social service organization restructure financing and initiate additional development in Wilkinsburg.
The corporation also loaned $885,000 to the East Liberty Development Inc. to help build 35 condominiums at the historic former YMCA building in East Liberty and four condos in Queen Anne-style homes being rehabilitated on Rippey Street.
“Our commitment makes it possible for Landmarks Community Capital Corp. to offer below-market interest rates on loans, which will stimulate initiatives in affordable housing and community development,” said Linda F. Morris, senior vice president and Western Pennsylvania market manager for PNC.
Ron DaParma can be reached email@example.com or 412-320-7907.